Starbucks gets slapped with a downgrade

Cleveland Research downgraded Starbucks (SBUX) to neutral from buy, triggering a move lower for shares of the coffee giant. The downgrade comes on the heels of Morgan Stanley’s comments on Starbucks Tuesday. In a note to clients, Morgan Stanley analyst Brian Hayes said Starbucks could be poised for a rebound, arguing that the market has already accounted for Starbucks’ more moderate rate of growth. Shares of the coffee giant are down 12% over the past three months.

Wall Street braces for HP earnings after the bell

HP (HPQ) is scheduled to report fiscal third-quarter earnings after the bell Wednesday amid a healthier PC market. Analysts are expecting earnings of 42 cents a share on revenue of $12.31 billion, a 3% increase from a year ago. Mizuho said it sees potential “upside” to the computer maker’s estimates, driven by improving fundamentals and performance in its printing business. HP shares have jumped nearly 28% since the start of the year.

Fiat Chrysler shares jump on report of Maserati spinoff

Shares of Fiat Chrysler (FCAU) jumped in early trading on Wednesday following a Bloomberg report that it’s considering slimming down its operations to focus on mass-market cars. The report discusses the potential for Fiat to spin off its Maserati and Alfa Romeo brands in an effort to boost value. According to Bloomberg, a decision may not be final until early 2018.

Retail back in focus with PVH Corp earnings on tap

The parent company of Calvin Klein and Tommy Hilfiger is scheduled to report earnings after the market close on Wednesday. Analysts are expecting a profit of $1.64 a share on revenue of $2.04 billion. Shares of PVH Corp (PVH) have soared so far this year, driven by strong results overseas. The stock is up 32% since January 1.

For more on Wednesday’s big stock movers and breaking earnings after the bell, check out The Final Round, starting at 3:55 p.m. ET, right here on Yahoo Finance.